Can We Just Vote ‘NO’ in the Upcoming Australian Election?

I will miss the Brexit excitement when it drops out of the news cycle over the next few days. At least this referendum offers voters a stark choice.

In Australia, the choice offered to voters in the upcoming election is as bland and depressing as it gets. As The Australian reports today:

Malcolm Turnbull and Bill Shorten are the two least-favoured and least-preferred leaders going into an election for 40 years; never in Newspoll’s history have voters so disdained a pair of prime ministerial candidates.

As far as I’m concerned, that’s a fair assessment.

When Malcolm Turnbull booted Tony Abbott, there was a sense of expectation, a sense of hope that a leader, not a politician, was in charge. In this sense, Turnbull has been profoundly disappointing.

Ever since taking office, Turnbull has become a bog standard, fearmongering politician. All slogans and no substance.

And the alternative? Well, what can you say about Bill Shorten? That he’s not Malcolm Turnbull? Unless you’re a hard core Labor voter, that’s hardly a reason to get excited.

These leaders are the two least favoured and least preferred in more than 40 years for a reason. They offer the electorate nothing apart from slogans and platitudes. This election campaign is just one long orchestrated press conference. Both parties mindlessly throw money at marginal electorates in the hope of clinging on to power for another three years. From The Australian again…

This election campaign is mainly about competing efforts by the major parties to buy votes using other people’s money, also known as taxpayers’ funds.

The leaders of the Coalition should know better; once upon a time they believed in small, ­responsible government. There was also a time when Labor might have resisted the temptation to throw taxpayers’ dollars at inappropriate ends — think of those halcyon days of Paul Keating as treasurer and Peter Walsh as ­finance minister — but those days are long gone.

Mind you, it is not just a matter of out-of-control pork barrelling; it is the complete disregard for any principles governing federal financial relations. When did building netball courts in the high-income electorate of Higgins become a ­responsibility of the federal government? And why should the federal government pick up the tab for some vague and ill-conceived tram line in Adelaide?

Yet the polls registering voter disinterest have no impact. The arrogance of our politicians on both sides is astounding. The greater our disgust, the greater their disdain for it.

Here’s a tip if you’re half-crazy and think you want to give politics a go. Establish a party that isn’t bogged down with the ideological weight of either the Liberal party or Labor. Build your platform on telling the electorate hard truths. Tell them that it isn’t the government’s responsibility to create jobs and economic growth. Rather, the government’s role is to create the conditions to ensure that people with good ideas and a strong work ethic can make a success of themselves.

Restructure the tax system, remove bureaucracy and make a long term plan to scale down middle-class welfare. Be compassionate about the sick and marginalised — attacking ‘dole cheats’ isn’t going to fix the budget deficit.

Such a platform won’t get you elected. But it will get you a bunch of votes from those who are genuinely disaffected by the current, bottom of the barrel political process. That might make the major parties change their tune.

Australia faces a huge challenge in the years ahead. We need to have more policy depth than a reliance on the ‘lucky country’ moniker, and the knowledge that we can sell off our land and lifestyle to make ends meet until the next election.

If there was a vote ‘NO’ option at this election, I’d be taking it.


Greg Canavan,
For Markets and Money

Greg Canavan is a Contributing Editor at Markets & Money and Head of Research at Port Phillip Publishing. He advocates a counter-intuitive investment philosophy based on the old adage that ‘ignorance is bliss’. Greg says that investing in the ‘Information Age’ means you now have all the information you need. But is it really useful? Much of it is noise, and serves to confuse rather than inform investors. And, through the process of confirmation bias, you tend to sift the information that you agree with. As a result, you reinforce your biases. This gives you the impression that you know what is going on. But really, you don’t know. No one does. The world is far too complex to understand. When you accept this, your newfound ignorance becomes a formidable investment weapon. That’s because you’re not a slave to your emotions and biases. Greg puts this philosophy into action as the Editor of Crisis & Opportunity. He sees opportunities in crises. To find the opportunities, he uses a process called the ‘Fusion Method’, which combines charting analysis with more conventional valuation analysis. Charting is important because it contains no opinions or emotions. Combine that with traditional stock analysis, and you have a robust stock selection strategy. With Greg’s help, you can implement a long-term wealth-building strategy into your financial planning, be better prepared for the financial challenges ahead, and stop making the same mistakes that most private investors do every time they buy a stock. To find out more about Greg’s investing style and his financial worldview, take out a free subscription to Markets & Money here. And to discover more about Greg’s ‘ignorance is bliss’ investment strategy and the Fusion Method of investing, take out a 30-day trial to his value investing service Crisis & Opportunity here. Official websites and financial e-letters Greg writes for:

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